VANCOUVER, BC, Nov. 15,
2023 /CNW/ - TAG Oil Ltd. (TSXV:
TAO) (OTCQX: TAOIF) ("TAG Oil" or the
"Company") would like to provide the following update on
drilling progress of the BED4-T100 ("T100") horizontal well
in the Badr Oil Field ("BED-1") in the Western Desert of
Egypt.
The horizontal build section of the T100 well and approximately
300 meters into the planned 1,000-meter lateral section in the Abu
Roash "F" ("ARF") target reservoir encountered very good oil
shows with high hydrocarbon gas readings and good indications of
primary porosity. Initial drilling of the ARF unconventional,
carbonate formation performed well at smooth build angles and
steadily increasing drilling rates. However, drilling was
encumbered by mechanical issues with the directional drilling tools
and a minor throw fracture feature at which the Company elected to
drill higher in the 50-meter ARF pay zone to go over the faulted
section with the aim of increasing the final lateral length of the
well.
Drilling has commenced from the intermediate cased section at
about 2,800 meters and is projected to be completed in December.
The drilling rig will then be released and a rig less well
completion phase with fracture stimulation of the ARF will start
immediately after. TAG Oil will continue to provide regular
drilling updates, as necessary.
The BED 1-7 well has been on production since April 2023 and has reached a cumulative
production of approximately 10,000 barrels of oil from the ARF. The
well is currently undergoing a build-up assessment of the reservoir
pressure to determine the depletion and potential of the well. It
will be followed by clean-out operations and then will resume
production. The Company is pleased with the results from the well
and it provides important data for further development planning of
the ARF in the BED-1 field.
About TAG Oil Ltd.
TAG Oil (http://www.tagoil.com/) is a Canadian based
international oil and gas exploration company with a focus on
operations and opportunities in the Middle East and North Africa.
Neither the TSX-V nor its Regulation Services Provider (as
that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this
release.
Forward-Looking
Statements
Statements contained in this news release that are not
historical facts are forward-looking statements that involve
various risks and uncertainty affecting the business of TAG Oil.
All estimates and statements that describe the Company's operations
are forward-looking statements under applicable securities laws and
necessarily involve risks and uncertainties. Actual results may
vary materially from the information provided in this release, and
there is no representation by TAG Oil that the actual results
realized in the future will be the same in whole or in part as
those presented herein. TAG Oil undertakes no obligation, except as
otherwise required by law, to update these forward-looking
statements if management's beliefs, estimates or opinions, or other
factors change.
Exploration for hydrocarbons is a speculative venture
necessarily involving substantial risk. The Company's future
success in exploiting and increasing its current resource base will
depend on its ability to develop its current properties and on its
ability to discover and acquire properties or prospects that are
capable of commercial production. However, there is no assurance
that the Company's future exploration and development efforts will
result in the discovery or development of additional commercial
accumulations of oil and natural gas. In addition, even if further
hydrocarbons are discovered, the costs of extracting and delivering
the hydrocarbons to market and variations in the market price may
render uneconomic any discovered deposit. Geological conditions are
variable and unpredictable. Even if production is commenced from a
well, the quantity of hydrocarbons produced inevitably will decline
over time, and production may be adversely affected or may have to
be terminated altogether if the Company encounters unforeseen
geological conditions. The Company is subject to uncertainties
related to the proximity of any resources that it may discover to
pipelines and processing facilities. It expects that its
operational costs will increase proportionally to the remoteness
of, and any restrictions on access to, the properties on which any
such resources may be found. Adverse climatic conditions at such
properties may also hinder the Company's ability to carry on
exploration or production activities continuously throughout any
given year.
References to "oil" in this press release include crude oil
and field condensate.
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SOURCE TAG Oil Ltd.